Companies Act Section 291 — Provision for professional assistance to Company Liquidator

CHAPTER XX WINDING UP

Commercial / Corporate

Summary

Sub-section (1) allows the Company Liquidator to hire one or more professionals — such as chartered accountants, company secretaries, cost accountants, legal practitioners, or other similar experts — to help with their duties under the Act. This hiring requires the prior approval of the Tribunal, and the terms and conditions of the appointment are set as needed.

Sub-section (2) requires any person appointed under this section to immediately disclose to the Tribunal, in the prescribed form, any conflict of interest or lack of independence related to their appointment.

Official Text

(1) The Company Liquidator may, with the sanction of the Tribunal, appoint one or more chartered accountants or company secretaries or cost accountants or legal practitioners or such other professionals on such terms and conditions, as may be necessary, to assist him in the performance of his duties and functions under this Act.

(2) Any person appointed under this section shall disclose forthwith to the Tribunal in the prescribed form any conflict of interest or lack of independence in respect of his appointment.